What has been called the largest gold deposit in the world has been found in China, state channel Xinhua News said.
According to Reuters, the gold reserves are worth 600 billion yuan, which amounts to 83 billion dollars
The discovery was made by geologists from the Hunan Provincial Geological Institute, about 20 kilometers below the surface in the Asian country’s Pingjiang province, Xinhua reported. New York Post.
The area where 40 gold ore veins containing a total of 300.2 tonnes of gold resources have been discovered is known as the My goldfield.
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Gold reserves worth $83 billion were discovered in China last month. (HongWu)
According to Xinhua, the Hunan Academy of Geology predicted that there were more than 1,000 tons of gold reserves at a depth of more than 3,000 meters.
China is the world’s largest gold producer, accounting for about 10% of global production in 2023, according to data from the World Gold Council.
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The gold found in China last month is worth 600 billion yuan, Reuters reports. (Andrey Rudakov/Bloomberg)
Prior to the discovery, the title of the world’s largest gold reserve went to the South Deep gold mine in Gauteng province, South Africa, the Post states. It contains approximately 930 tons of gold.
By October, gold futures prices were up more than 32% year-to-date and more than 38% year-to-date, setting a series of new all-time highs.
Stacks of gold bars in a subcompartment of the vault at the United States Mint in West Point, New York, June 20, 2006. (Daniel Barry/Bloomberg via Getty Images)
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One ounce of gold currently costs almost $2,674.
Investors have turned to gold over the past year as a safe haven against a variety of geopolitical risks, including ongoing conflicts in the Middle East and Ukraine. Uncertainty about the direction of US economic policy after the election, as well as the Fed’s rate cut plans and the long-term trajectory of the US economy. growing national debt have also boosted investment in gold.
FOX Business’ Eric Revell and Reuters contributed to this report.
